Informist, Friday, Dec 23, 2022
By Puja Das
NEW DELHI – Ex-mill prices of sugar fell further in key markets of north India because of sluggish demand amid high selling pressure, dealers said.
* "Due to poor demand, selling pressure on mills is rising and mills are cutting prices to exhaust their monthly sales quota. Mills in Uttar Pradesh may reduce prices further if demand does not gather pace," said Naresh Gupta, a local trader.
* Prices have declined by 120-130 rupees per 100 kg so far since the beginning of the month, which was unexpected, Gupta said.
* "In Delhi, prices should stabilise from next week on slightly improved demand," local dealer Sharad Gupta said.
* "Demand is seen declining as temperature in Maharashtra and Gujarat has started falling. This will weigh on prices in coming days," said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association.
Following are the highlights of sugar trade in the domestic market:
--Down 20-30 rupees at 3,400-3,480 rupees per 100 kg in Muzaffarnagar
--Down 15-20 rupees at 3,465-3,535 rupees per 100 kg in Delhi
--Unchanged at 3,290-3,400 per 100 kg in Kolhapur
--Unchanged at 3,522-3,620 rupees per 100 kg in Mumbai
* On the Intercontinental Exchange, the most-active March contract of raw sugar hit a six-year-high of 21.18 cents per pound, up 0.4% from the previous close, in anticipation of tight supply in the short term.
* Physical traders are getting twitchy about global sugar output, while speculative funds have a strong buying appetite. This has boosted sentiment of global investors.
* Mills in Brazil have produced nearly 360,000 tn of sugar in the first half of December, according to a survey by S&P. Brazil's sugarcane industry association UNICA is likely to release data on this early next week. End
Edited by Avishek Dutta
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Informist, Friday, Dec 23, 2022
By Puja Das
NEW DELHI – Ex-mill prices of sugar fell further in key markets of north India because of sluggish demand amid high selling pressure, dealers said.
* "Due to poor demand, selling pressure on mills is rising and mills are cutting prices to exhaust their monthly sales quota. Mills in Uttar Pradesh may reduce prices further if demand does not gather pace," said Naresh Gupta, a local trader.
* Prices have declined by 120-130 rupees per 100 kg so far since the beginning of the month, which was unexpected, Gupta said.
* "In Delhi, prices should stabilise from next week on slightly improved demand," local dealer Sharad Gupta said.
* "Demand is seen declining as temperature in Maharashtra and Gujarat has started falling. This will weigh on prices in coming days," said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association.
Following are the highlights of sugar trade in the domestic market:
--Down 20-30 rupees at 3,400-3,480 rupees per 100 kg in Muzaffarnagar
--Down 15-20 rupees at 3,465-3,535 rupees per 100 kg in Delhi
--Unchanged at 3,290-3,400 per 100 kg in Kolhapur
--Unchanged at 3,522-3,620 rupees per 100 kg in Mumbai
* On the Intercontinental Exchange, the most-active March contract of raw sugar hit a six-year-high of 21.18 cents per pound, up 0.4% from the previous close, in anticipation of tight supply in the short term.
* Physical traders are getting twitchy about global sugar output, while speculative funds have a strong buying appetite. This has boosted sentiment of global investors.
* Mills in Brazil have produced nearly 360,000 tn of sugar in the first half of December, according to a survey by S&P. Brazil's sugarcane industry association UNICA is likely to release data on this early next week. End
Edited by Avishek Dutta
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2022. All rights reserved.
